Sheikh Maktoum meets Citigroup CEO Jane Fraser
Ties have deepened ever since Citibank opened its first branch in Dubai in 1964
Dubai: Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, on Tuesday met Jane Fraser, CEO of Citigroup, one of the world’s largest banking and financial services corporations.
Sheikh Maktoum discussed the strong partnership between Dubai and the banking conglomerate that has steadily grown since 1964 when Citibank opened its first branch in the emirate. In 2006, Citi deepened its relationship with Dubai when it opened its Middle East office in the Dubai International Financial Centre (DIFC). The Deputy PM explored with Fraser ways in which Dubai can further support the company in enhancing its banking operations both in the UAE and across the region.
He said Dubai is committed to providing global banking and financial services companies with a growth-friendly ecosystem, world-class infrastructure and legislative framework to support them not only to develop their business in the country but also tap vast opportunities in the fast-growing markets of the extended region. The platform provided by Dubai has supported many global companies in the sector in advancing their reach, growth and innovation in the region, he noted.
Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions worldwide. The banking giant provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Citigroup reported a 2021 net income of $22 billion on revenues of $71.9 billion, compared to a net income of $11 billion on revenues of $75.5 billion for 2020.